Bank on the rack for ‘lowballing Libor’

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Paul Tucker and his boss Sir Mervyn King denied they had any knowledge of the manipulation of Libor rates by banksPA

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Sir Mervyn KingPA

Patrick HoskingFinancial Editor

Last updated at 11:24PM, July 17 2012

Newly disclosed e-mails revealing the warm relationship between Bob Diamond,
the ousted chief executive of Barclays, and Paul Tucker, the Deputy Governor
of the Bank of England, were seized upon yesterday as adding to evidence
that the Bank was part of an alleged conspiracy to rig interest rates.

The e-mails came as Mr Tucker and his boss, Sir Mervyn King, the Bank’s
Governor, were subjected to a grilling by MPs on the Treasury Select
Committee, some of whom expressed doubts over their claims that they had
known nothing about dishonesty in the setting of Libor — the series of
interest rates